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2025-10-31-accounts

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

TRUSTEES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

HARROGATE INTERNATIONAL FESTIVAL LIMITED (A company Limited by guarantee) Registered Charity Number: 244861

REGISTERED NUMBER: 00858029

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

Contents

Page
Charity Reference and Administrative Details 1
Trustees’ Annual Report 2-10
Independent Auditor’s Report 11-13
Consolidated Statement of Financial Activities (including Income and Expenditure Account) 14
Consolidated and Charity Balance Sheets 15
Consolidated Statement of Cash Flows 16
Charity Statement of Cash Flows 17
Notes to the Financial Statements 18-27

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED CHARITY REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 31 OCTOBER 2025

Charity registration number 244861
Company registration number 00858029
Honorary President Peter Blackburn CBE
Trustees Joanna Fiona Armitage – Chair
Matthew Osbourne – Treasurer
Rod Findlay – resigned 24 November 2025
Jenny Harris
Lucy Hind
Iain Jenkins
Craig Ratcliffe
Susan Rumfitt
Deborah Jayne Larwood – appointed 16 June 2025
Julie Gray – appointed 16 June 2025
Secretary Sharon Canavar
Registered office 32 Cheltenham Parade
Harrogate
North Yorkshire
HG1 1DB
Auditor TC Group
Registered Auditors
6 Queen Street
Leeds
LS1 2TW
Solicitor McCormicks Solicitors
First Floor
Scottdale House
Springfield Avenue
Harrogate
HG1 2HR
Bankers HSBC
7 Prospect Crescent
Harrogate
HG1 1RN
Key Staffing
Chief Executive Sharon Canavar
Literature Festivals Manager Clemence Roux
Music & Events Manager Charlotte Greensmith
Digital & Comms Manager Lisa McKiddie
Financial Controller Hanna Dilley

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Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 OCTOBER 2025

The Trustees present their Annual Report (including the Strategic Report) and the audited financial statements of the charity for the year ended 31 October 2025. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Directors and Trustees of the charity

The Board of Directors is the governing body of Harrogate International Festival Limited. Members of the Board are also Trustees as defined by the Charities Act. The Board meets at least four times a year and it sets the policies of the Charity. It is also responsible for overseeing the sound management of the organisation and for ensuring that its policies are carried out by the staff through the Chief Executive.

The Board is made up of a maximum of thirteen trustees. The Board has the power to appoint additional Trustees as it considers fit to do so. The Board keeps under review its skills mix, with the current Board having a broad range of professional, business and educational skills and experience. The trustees who have served during the year and since the year end were as follows:

Joanna Fiona Armitage – Chair Matthew Osbourne - Treasurer Rod Findlay – resigned 24 November 2024 Jenny Harris Lucy Hind Iain Jenkins Craig Ratcliffe Susan Rumfitt Deborah Jayne Larwood – appointed 16 June 2025 Julie Gray – appointed 16 June 2025

All members of the Board have confirmed that they do not have and have not had any beneficial interest in any contract with Harrogate International Festival Limited. Board members receive no remuneration or other financial benefit. Harrogate International Festival Limited maintains a register of Trustees’ interests.

Harrogate International Festival Limited (“Harrogate International Festivals”) is a Registered Charity and a Registered Company limited by guarantee. In the event of the Company being wound up members are required to contribute an amount not exceeding £1.

Objectives and activities

Vision :

To be Yorkshire’s leading multi-arts cultural festival, delivering a creative and evolving programme that sparks joy, ignites insight and fosters connection and opportunity across all communities.

Mission :

To create distinctive and innovative cultural experiences for the communities we serve.

Principles:

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Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 OCTOBER 2025

We have referred to the public benefit guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our objectives and in planning our future activity.

The aims of Harrogate International Festival Limited are undertaken specifically to ensure the charitable objectives meet the public benefit requirement and the Charities Act 2011.

Directors and Trustees

The Board of Directors is the governing body of Harrogate International Festivals. Members of the Board are also Trustees as defined by the Charities Act. The Board meets at least four times a year and it sets the policies of the Charity. It is also responsible for overseeing the sound management of the organisation and for ensuring that its policies are carried out by the staff through the Chief Executive.

The Board is made up of a maximum of thirteen trustees. All of the Trustees named on page 2 served during the year. The Board has the power to appoint additional Trustees as it considers fit to do so. The Board keeps under review its skills mix, with the current Board having a broad range of professional, business and educational skills and experiences.

The Board interviews potential new Trustees prior to appointment. Each newly elected Board member receives guidance notes about their role and responsibilities as a charity Trustee and company Director as part of a comprehensive induction process. Training events are organised to update Trustees’ knowledge on general charity topics and specific matters regarding Harrogate International Festivals.

In accordance with Article 37 of the Articles of Association, Matt Osbourne and Craig Ratcliffe retire from the Board and, being eligible, offer themselves for re-election.

All members of the Board have confirmed that they do not have and have not had any beneficial interest in any contract with Harrogate International Festivals. Board members receive no remuneration or other financial benefit. Harrogate International Festivals maintains a register of Trustees’ interests.

Remuneration of Key Management Personnel

The Resources sub-group determines the remuneration, benefits and pension arrangements of all staff including Key Management Personnel.

Subsidiary Company

The Company has a wholly owned subsidiary company, Harrogate Festival Development Ltd, which is engaged in fundraising activities.

STRATEGIC REPORT

Harrogate International Festivals (HIF) delivered a wide-ranging programme of festivals, events and participation activities throughout the year to October 2025. The period represented another significant year of artistic activity and organisational development as the charity continued to present a diverse programme of cultural events alongside ambitious community engagement initiatives.

Operating within an increasingly challenging funding environment for the arts and public events sector, the charity has remained focused on its mission to create inspiring artistic experiences, broaden access to culture and contribute to the cultural and economic life of Harrogate and the wider region.

HIF continues to play a vital role in the cultural life of the town and the year represented an important period of consolidation and preparation ahead of the charity’s 60th anniversary in 2026. Through a year-round programme spanning music, literature, outdoor spectacle and community engagement, the organisation brought internationally recognised artists and ideas to North Yorkshire while continuing to deepen its impact within the local community.

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Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 OCTOBER 2025

Across the year the organisation delivered more than 200 events, issuing over 30,000 tickets and attracting an estimated 30,000 visits to free events. In addition, extensive outreach and participation activity was delivered through the HIF Engage programme, working with young people, schools and underrepresented communities across the region. This work continues to position HIF as a key cultural contributor within Harrogate and North Yorkshire, supporting learning, participation and artistic development while enhancing the town’s reputation as a vibrant destination for culture.

The period has also been one of considerable challenge for the wider cultural sector. The ongoing effects of the pandemic continue to influence audience behaviour and financial resilience across festivals nationally, compounded by the wider cost of living crisis and rising delivery costs. A number of high-profile festival cancellations across the UK during 2024 and 2025 have highlighted the fragility of the festival landscape. Against this backdrop, the Trustees remain particularly grateful for the continued commitment of the organisation’s sponsors, partners, funders and audiences, whose support remains critical to the sustainability of HIF.

During the year the organisation has also been engaged in an ongoing audit with HM Revenue & Customs relating to the complex VAT treatment of certain activities within the organisation. This process has extended over a prolonged period and has created operational uncertainty while incurring significant professional costs, as the charity has sought specialist advice from KPMG in responding to the technical queries raised. While the organisation has continued to deliver its core programme and rebuild activity following the pandemic, the length and complexity of this process has inevitably constrained the organisation’s ability to progress elements of its strategic development and investment plans during the year.

Despite these challenges, HIF has continued to demonstrate resilience and adaptability, maintaining a strong programme of activity while strengthening partnerships and engagement with communities across the region. The organisation remains committed to its long-term vision of delivering high-quality artistic experiences, widening participation and ensuring that Harrogate continues to be recognised as a leading destination for culture in the UK.

Looking ahead, the Trustees and executive team remain focused on the continued stabilisation and development of the organisation as it approaches its 60th anniversary in 2026. This milestone provides an important opportunity to celebrate HIF’s long-standing contribution to the cultural life of the region while building new partnerships, investment and artistic initiatives that will help secure the future sustainability and impact of the organisation through a renewed campaign and appeal under the banner of HIF@60.

A YEAR IN REVIEW

Harrogate International Sunday Series and Harrogate Music Festival

The classical music programme began in Spring 2025, inviting audiences to a full season of chamber concerts as part of the Harrogate International Sunday Series , including Junyan Chen, Leia Zhu, Aaron Azunda Akugbo with Milo Harper, Amira Harewood and the Fibonacci Quartet. These concerts appeal to our historic core audience and feature the brightest stars in chamber music.

The summer season continued with the Harrogate Music Festival supported by The HACS Group welcomed a diverse range of performers from the UK and beyond. Highlights included performances by Orchestra for the Earth, Mike Lovatt’s Brass Pack, Marion Consort, Connaught Brass and Yevgeny Sudbin as headliners. The Festival also continued its commitment to supporting emerging talent, with the Dorothy Parkinson Memorial Award for Young British Musicians presented to Connaught Brass.

Literature

Literature programming remained a central pillar of the organisation’s work, with a host of events taking place across the year. The Theakston Old Peculier Crime Writing Festival once again brought together leading figures in crime fiction alongside emerging voices from across the genre. Curated in 2025 by award-winning author and creator of Slow Horses , Mick Herron, the festival welcomed headliners including Attica Locke, Mark Billingham, Irvine Welsh, Abir Mukherjee, Paula Hawkins and Kate Mosse. They were joined by a wide range of leading writers including Lee and Andrew Child, Kate Atkinson, Val McDermid and Steph McGovern.

The festival also presented the Theakston Old Peculier Crime Novel of the Year Award, the UK’s leading crime award in crime fiction. In 2025 the award was won by Abir Mukherjee for Hunted , while Elly Griffiths received the Outstanding Contribution Award to Crime Fiction. The McDermid Debut Award, now in its second year, was presented to David Goodman for A Reluctant Spy .

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Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 OCTOBER 2025

The Raworths Harrogate Literature Festival continued to attract prominent authors and speakers from across politics, broadcasting and the arts. Expanding beyond its traditional weekend format, the 2025 programme welcomed speakers including Nicola Sturgeon, Jeremy Hunt, Chris Tarrant and John Suchet.

Berwins Salon North continued as a key year-round series exploring ideas across art, science and psychology. Each event brings together three speakers to share perspectives and insights designed to challenge thinking and inspire audiences.

Theatre & Family

Oddsocks Theatre returned once again with its popular open-air Shakespeare production, while the specially curated Children’s Festival delivered a wide-ranging programme of events under Luke Jerram’s Gaia installation. Activities included music, science and dance workshops, alongside a dedicated literature-based Children’s Festival taking place alongside the Raworths Harrogate Literature Festival.

Outdoor and Immersive

Outdoor work continued to form an important part of the organisation’s engagement strategy, helping attract new audiences and creating opportunities for shared cultural experiences in public spaces. Highlights included free touring light shows delivered by bicycle and Luke Jerram’s Gaia installation.

The Taproom Sessions also returned in 2025, presenting chamber music in unique and informal venues across the town in partnership with Lilypad, the Cedar Court Hotel and The Hearing Suite. These performances continue to support the organisation’s ambition to present music in new settings and reach audiences beyond traditional concert venues.

HIF Engage

Across the year Harrogate International Festivals directly engaged hundreds of young people and participants through the HIF Engage programme, which provides learning and participation opportunities across the organisation’s wider programme.

A significant proportion of this engagement activity is delivered free to access, with costs for children subsidised through the support of HIF and its partners. The aim is to ensure the provision of high-quality live arts experiences for people of all ages across Harrogate and the wider region.

The charity’s work is shaped by a number of priorities designed to address challenges identified by local health, education and government bodies in the region, including access to arts education and opportunities for young people.

A major new initiative launched this year was The Wild Foundation, established with the support of the family of Victor Wild. This programme will support arts activity across ten schools over the next five years through workshops in world music and creative writing.

Activity delivered across the year included:

HIF Player

Digital engagement continues to form an important strand of the organisation’s work. Through podcasts, recorded interviews and online events, HIF Player extends the reach of the festival to audiences beyond the town and across the world. Podcasts are downloaded thousands of times globally and regularly appear in podcast charts, demonstrating the continued appetite for HIF’s programming in digital formats.

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Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 OCTOBER 2025

Looking Forward

The past year has demonstrated both the resilience of the organisation and the continuing challenges facing the cultural sector. Despite financial pressures and operational uncertainties, the organisation has continued to deliver a high-quality programme of activity and maintain strong relationships with artists, audiences and partners.

The Trustees remain extremely grateful to the many organisations and individuals who support the charity’s work, including the Liz and Terry Bramall Foundation, Jonathan Wild, Elizabeth Barnes, North Yorkshire Council and title sponsors Raworths, T&R Theakston, The HACS Group and Berwins, alongside the many sponsors, donors and partners whose continued support enables HIF to deliver its work.

Future 50 Appeal / HIF@60

Harrogate International Festivals relies on the generous support of funders, donors and sponsors. As a charity with no core funding, the organisation raises over 98% of its income each year in order to deliver its year-round programme.

In 2015 HIF launched the Future 50 Appeal to strengthen the organisation’s long-term sustainability and to support the development of ambitious artistic projects and participation programmes. The Appeal aims to raise £1 million to secure the future of the charity and ensure that it can continue to create access to the arts for the widest possible audiences.

The Appeal is led by Fiona Movley MBE, Chairman of the Appeal, and the Board wishes to express its gratitude to her and to the many donors who continue to support this work.

Funds from the Appeal have supported the delivery of major artistic projects and installations, including Luke Jerram’s Gaia, alongside investment in organisational capacity and programme development aligned with the charity’s strategic objectives.

As the organisation approaches its 60th anniversary in 2026, the Trustees are exploring opportunities to revitalise the Future 50 Appeal under the banner of HIF@60. This renewed campaign will celebrate six decades of festival activity while supporting new investment in programming, partnerships and participation that will help secure the organisation’s future impact.

Financial review

Following the disruption of recent years, this financial period continued to present a challenging environment for the planning and delivery of festivals and cultural events. While audiences have steadily returned, confidence across the sector remains uneven, and organisations continue to operate within a landscape characterised by uncertainty, rising costs and increasing competition for resources.

For Harrogate International Festivals, maintaining the scale and quality of delivery expected by audiences and partners has required careful management of resources. Recruitment and retention across the cultural sector has remained competitive, and securing the capacity and expertise required to deliver a complex year-round programme has been an ongoing challenge.

Ticket sales for classical music performances continue to reflect wider national trends within the sector, where audience behaviour has shifted and booking patterns remain less predictable than in previous years. Encouragingly, sponsorship support remained stable across the period, reflecting the continued confidence of partners in the organisation and its work.

Operational costs have increased significantly across a range of suppliers and services, reflecting wider inflationary pressures affecting the events and cultural industries. These increases have required close financial oversight throughout the year in order to maintain programme quality while managing expenditure.

The organisation recorded a small operational deficit of £9,864 for the year. This position primarily reflects the additional professional costs incurred in supporting the ongoing HMRC VAT audit, including the engagement of KPMG to assist in responding to a complex series of enquiries. Excluding these exceptional costs, the organisation would have delivered a modest operational surplus.

The HIF@60 Appeal continued during the year, generating £34,658 in income towards the organisation’s anniversary ambitions. Associated costs of £41,498 reflect the investment required to support programme development and operational capacity as part of this longer-term initiative.

Despite the continuing pressures facing the wider festival landscape, the organisation remains focused on maintaining artistic ambition while strengthening its financial resilience and ensuring that Harrogate International Festivals continues to deliver high-quality cultural experiences for audiences and the community.

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Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 OCTOBER 2025

Public Benefit

The Trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

Harrogate International Festivals exists to advance education and promote the arts for the public benefit. The charity achieves this through the presentation of festivals, concerts, literary events, outdoor arts and participation programmes which provide opportunities for audiences and communities to experience and engage with high-quality cultural activity.

Through its year-round programme the organisation seeks to make the arts accessible to the widest possible audience. This includes presenting internationally recognised artists and speakers alongside emerging talent, supporting artistic development and creating opportunities for learning and participation.

Public benefit is delivered in a number of ways. The organisation presents a diverse programme of events across music, literature and ideas that are open to all. A significant proportion of the organisation’s engagement activity is delivered free to access, particularly through outdoor events and community participation programmes. Where ticketed events take place, the charity seeks to maintain accessible pricing and offers subsidised tickets and bursaries where possible.

The HIF Engage programme plays a central role in ensuring that the organisation’s work reaches a broad cross-section of the community. Through partnerships with schools, libraries, community organisations and local partners, the charity provides opportunities for young people, families and underrepresented groups to participate in arts activity and experience live cultural events.

The charity also contributes to the wider cultural and economic life of Harrogate and the region. By bringing internationally recognised artists and ideas to North Yorkshire, HIF enhances the town’s reputation as a cultural destination while supporting learning, creativity and community participation.

The Trustees believe that the charity continues to deliver clear public benefit through its artistic programme, participation activity and commitment to widening access to cultural experiences.

General review of the Charity’s financial position

Total income of the Charity and its subsidiary for 2025 was £1,160,535 (2024: £1,225,664), of which £1,125,877 supported the year round operational delivery and £34,658 was raised towards the HIF@60 Appeal.

Total resources used amounted to £1,177,239 (2024: £1,260,481) of which £1,135,741 was operational delivery, and £41,498 (2024: £63,408) supported costs to deliver and run events associated with the HIF@60 Appeal. Across the operational funds there was a deficit of £9,864 (2024: deficit of £1,227) after transfers and across all funds there was a deficit of £16,704 (2024: £34,817).

At 31 October 2025 the Charity’s consolidated net assets were £728,403 (2024: £745,107).

Principal sources of funding

Voluntary income and incoming resources from charitable activities are as follows: 36% of income was generated through ticket sales (2024: 34%), 20% through corporate sponsorships (2024: 24%) and 15% from grants and donations (2024: 22%). Additional income is made up of income on accommodation packages associated with the Theakston Old Peculier Crime Writing Festival, and miscellaneous income from Friends of the Festival, bank interest and consultancy.

Reserves policy

The Festival is most reliant on ticket income and sponsorship which are recognised as the income streams most at risk and susceptible to public tastes and business strategies. Therefore, our cash reserves are an essential defence to the inevitably cyclical nature of Festival funding, enabling us to fund developmental work throughout the year to support artistic risk or marketing investment.

The Charity’s reserves policy is to build and maintain sufficient operating reserves to provide cover for the inevitable fluctuations in revenue income, thus ensuring continuity of the Charity’s services. The charity bases this on six months of overhead running costs which is in the range of £140,000 to £185,000 per annum.

As at 31 October 2025 total reserves were £728,403 (2024: £745,107) of which £185,726 (2024: £195,590) was free reserves excluding designated funds.

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Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 OCTOBER 2025

As a celebration and legacy of the 50th Anniversary celebrations the Festival launched a Future 50 appeal to raise £1m to support the ambition of the organisation and protect the Festivals during difficult financial times, now re-branded to HIF@60 to support the 60[th] anniversary and long-term future of the organisation.

Whilst our approach of anticipating financial challenges with reserves has, so far, proven sustainable, the funding landscape in the north of England continues to shrink. The charity has no regular annual income to plan beyond six months ahead, and this has an impact on both the scale and reach of our delivery. In short, the Festival’s ambition is hindered by resource.

We are determined to invest in our strengths of raising aspirations, creating opportunity and nurturing excellence, and this Appeal funding will allow us to make full use of our artistic and cultural inheritance, take more artistic risks to create life changing opportunities in the arts.

As at 31 October 2025 the amount of HIF@60 fund held as a separate designated reserve was £542,960 (2024: £549,800).

Restricted funds held at 31 October 2025 totalled £NIL (2024: £NIL). The balance sheet holds £83,000 of donations from the Jonathan Wild and Elizabeth Barnes which created the Wild Foundations programme, which is to be spent on delivery of school workshops over the next 4 years as part of a 5 year programme of delivery.

Volunteers

The Board acknowledges with gratitude the work and commitment of the many volunteers who willingly give their time to the considerable benefit of the charity. The total number of hours donated to the Charity by its volunteers in the year estimated to be in excess of 3000 hours.

Risk Assessment

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations, finance and reputation of the Charity. The Trustees are satisfied that appropriate systems of management and internal control are in place to mitigate the Charity’s exposure to these risks. The Trustees review the organisation’s risk register annually and monitor key risks regularly through financial reporting, Board oversight and management controls.

Key principal risks and plans and strategies in place to manage them are set out below:

Risk Management
Financial:
Weak Budgetary Controls and finance reporting		 Budgets are linked to business planning and objectives,
with timely and accurate monitoring and reporting.
Management accounts are provided at all Trustee
meetings, with monthly reviews undertaken with the
FinancialControllerand CE.
Financial systems and controls not operating as intended Established financial control procedures are in place, with
defined responsibilities and authorisation limits. Internal
processes are regularly reviewed by the Treasurer and
Resources Sub-Group.
Increased financial exposure associated with new
programming strands and marketing approaches		 Annual review of aims and objectives with budgets linked
to strategic planning and programme development.
Careful monitoring of project budgets and risk assessment
of new initiatives.
Risking operational costs across suppliers and production
services		 Regular monitoring of supplier costs and contract
arrangements. Programme planning reflects realistic cost
assumptions and financial oversight is maintained
throughout the year.
Dependence on income from fundraising, sponsorship and
ticket sales		 Active Trustee engagement in fundraising activity,
diversification of income streams and development of
long-term partnerships with sponsors and donors.
Inadequate insurance cover Annual review of insurance arrangements to ensure
appropriate cover is maintained across operational and
event activities.
Lack of financial supervision by the Board Regular financial reporting to the trustees. Treasurer
oversight and detailed scrutiny through the Resources
Subgroup.

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Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 OCTOBER 2025		 HARROGATE INTERNATIONAL FESTIVAL LIMITED
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 OCTOBER 2025
Level of unrestricted reserves held by the charity
detrimental to obtaining voluntary income		 Reserves levels monitored in line with the charity’s
reserves policy, with appropriate disclosures in the
accounts.
Long-term impact of external factors (including pandemic
and other disruption)		 Monitoring of sector development and government
guidance, alongside flexible programme planning and
financial oversight.
Financial fraud of payment diversion (including cyber-
related fraud)		 Strengthened internal procedures for verification of
payment instructions and bank detail requests, restriction
of financial communication to authorised personnel and
increased staff awareness of phishing and impersonation
risks.
Reputational:
Decline in public perception of the charity		 Clear communication with supporters, audiences and
beneficiaries. Publication of transparent financial and
annual reporting and ongoing engagement with media and
stakeholders.
Adverse publicity or reputational damage Established
complaints
procedures
and
crises
management protocols including agreed communications
processes andnominated spokespersons.
Breakdown in relationships with partners, sponsors or
funders		 Regular communication and briefing with stakeholders.
Clear reporting on funded activity and active relationship
management with partners and sponsors.
Talent
Loss of key members of staff or trustees		 Effective HR policies and procedures and regular
engagement with staff and Trustees to support retention.
Dependence on key individuals Knowledge
transfer,
delegation
and
appropriate
documentation of key processes.
Recruitment challenges in a competitive cultural sector Workforce planning and early recruitment where possible
to ensure appropriate capacity for programme delivery
Lack of succession planning for key Board or senior roles Regular review of Board composition, identification of
skills gap and succession planning for Trustees and senior
staff.
Political/Regulatory:
Failure to comply with legal or regulatory requirements
(including data protection, health and safety and
safeguarding)		 Monitoring of regulatory changes and access to
professional advice where required. Policies and
procedures reviewed regularly.
Data breach or cyber security incident Review and strengthening of IT systems, security
protocols and access controls. Regular system monitoring
and secure data back-up procedures in place.
Complex regulatory environment including VAT treatment
of cultural activity		 Ongoing engagement with HMRC and specialist advisers
to ensure compliance and appropriate management of
tax-related matters.
Changes in public policy affecting culture, festivals or
funding		 Engagement with national sector bodies and local
partners to monitor policy developments and share
information.
Failure to meet statutory report requirements Use of professional advisers and compliance review
processes to ensure reporting obligations are met.
Failure to operate within charitable objects of powers Annual review of charitable objectives and activities to
ensure alignment with the charity’s purpose.
Lack of strategic direction or forward planning Regular review of organisational strategy and objectives
supported by detailed operational and financial reporting
Trustees insufficiently aware of their legal responsibilities Trustee induction processes, ongoing training and regular
Board review discussions
Ineffective contribution from trustees Active participation in Board meetings, engagement in
fundraising and recruitment processes to maintain an
effective board.

AUDITORS

In accordance with the Companies Act 2006 a resolution proposing the reappointment of TC Group as Auditor will be put to the members.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The trustees (who are also the directors of Harrogate International Festival Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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HARROGATE INTERNATIONAL FESTIVAL LIMITED TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 OCTOBER 2025

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 2006 relating to small companies.

On behalf of the board

Sharon Canavar, Secretary

Date: 16/4/2026

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HARROGATE INTERNATIONAL FESTIVAL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HARROGATE INTERNATIONAL FESTIVAL LIMITED YEAR ENDED 31 OCTOBER 2025

Opinion

We have audited the financial statements of Harrogate International Festival Limited (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 October 2025 which comprise the Consolidated Statement of Financial Activities (Including Income and Expenditure Account), the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows, the Charity Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

11

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HARROGATE INTERNATIONAL FESTIVAL LIMITED YEAR ENDED 31 OCTOBER 2025

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9-10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under section 151 of the Charities Act 2011, the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

12

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HARROGATE INTERNATIONAL FESTIVAL LIMITED YEAR ENDED 31 OCTOBER 2025

We designed and executed procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. These procedures, together with the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements. There are inherent limitations in the audit procedures performed not least due to the following:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Hunter FCA (Senior Statutory Auditor) for and on behalf of TC Group Statutory Auditors Office: Leeds, West Yorkshire

Date: 17/4/2026

13

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 OCTOBER 2025

Income:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net income
Transfer
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward
16		 Unrestricted
operational
funds
Restricted
funds
£
£
130,131
17,000
928,843
-
19,760
-
30,143
-		 Operational
total
£
147,131
928,843
19,760
30,143		 Unrestricted
designated
funds
Total
2025
£
£
25,869
173,000
2,497
931,340
6,292
26,052
-
30,143		 Total
2024
£
260,963
922,591
23,304
18,806
1,108,877
17,000
26,964
-
1,091,777
17,000		 1,125,877
26,964
1,108,777		 34,658
1,160,535
7,323
34,287
34,175
1,142,952		 1,225,664
33,665
1,226,816
1,118,741
17,000		 1,135,741 41,498
1,177,239		 1,260,481
(9,864)
-
-
-		 (9,864)
-		 (6,840)
(16,704)
-
-		 (34,817)
-
(9,864)
-
195,590
(283)		 (9,864)
195,307		 (6,840)
(16,704)
549,800
745,107		 (34,817)
779,924
185,726
(283)		 185,443 542,960
728,403		 745,107

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 18 to 27 from part of these financial statements.

14

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS YEAR ENDED 31 OCTOBER 2025

Note
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Charity Funds
Restricted funds
16
Unrestricted funds
16
Total charity funds		 2025
Group
£
-
-
51,921
1,031,016
1,082,937
(354,534)
728,403
728,403
(283)
728,686
728,403		 2024
Group
£
-
-
42,725
911,118
953,843
(208,736)
745,107
745,107
(283)
745,390
745,107		 2025
Charity
£
2
2
51,921
1,031,016
1,082,937
(354,536)
728,401
728,403
(283)
728,686
728,403		 2024
Charity
£
2
2
45,725
911,118
953,843
(208,738)
745,105
745,107
(283)
745,390
745,107

The trustees have prepared consolidated financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved and authorised for issue by the Board.

Signed on behalf of the board of trustees

…………………………..

Joanna Fiona Armitage, Trustee

16/4/2026 Date: ……………………..

The notes on pages 18 to 27 form part of these financial statements.

Company registration number: 00858029

15

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 OCTOBER 2025

Note
Net cash flow from operating activities
18
Cash flow from investing activities
Interest received
Net cash flow from investing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consists of:
Cash at bank and in hand		 2025
£
89,755
30,143
30,143
119,898
911,118
1,031,016
1,031,016		 2024
£
(93,989)
18,806
18,806
(75,183)
986,301
911,118
911,118

The notes on pages 18 to 27 form part of the financial statements.

16

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED CHARITY STATEMENT OF CASH FLOWS YEAR ENDED 31 OCTOBER 2025

Note
Net cash flow from operating activities
18
Cash flow from investing activities
Interest received
Loans with subsidiary undertaking
Net cash flow from investing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consists of:
Cash at bank and in hand		 2025
£
87,985
30,143
1,770
31,913
119,898
911,118
1,031,016
1,031,016		 2024
£
(99,023)
18,806
5.034
23,840
(75,185)
986.301
911,118
911,118

The notes on pages 18 to 27 form part of these financial statements.

17

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

1 Summary of significant accounting policies

(a) General information and basis of preparation

Harrogate International Festival Limited is a registered charity and a company limited by guarantee incorporated in England. The address of the registered office is given in the Charity information section of these financial statements. The nature of the charity’s operations and principal activities are given in the Strategic Report.

The charity constitutes a public benefit entity. The accounts have been prepared in accordance with the Charities SORP (FRS 102): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Charities Act 2011.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Group financial statements

The group financial statements consolidate the results of the charitable company and its wholly owned subsidiary Harrogate Festival Development Ltd on a line by line basis. A separate statement of financial activities for the Charitable Company itself is not presented as allowed by section 408 of the Company’s Act 2006.

The parent company’s deficit for the financial year was £16,704 (2024: deficit of £34,817).

(c) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(d) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

18

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

1 Summary of significant accounting policies (continued)

(d) Income recognition (continued)

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants. Income from government and other grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

(e) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

(f) Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 6.

(g) Investments

Investments in subsidiaries are measured at cost less impairment.

(h) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(i) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

19

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

1 Summary of significant accounting policies (continued)

(j) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

(k) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(l) Going concern

In assessing the company’s ability to continue as a going concern, the directors are fully aware of their responsibilities with regard to maintaining a sufficient level of funds within the charity and the need to carefully manage cash flows. They have considered current cash availability and prepared high level cash flow forecasts that cover a period of 12 months from the date of sign off of these statements.

In the opinion of the directors, this information provides assurance that the company has sufficient available reserves and cash to continue to meet its liabilities as they fall due, even at existing levels of revenue – which are, in the opinion of the directors, a reasonable approximation of ‘worst case’.

On this basis, and after consideration of all other factors, the directors continue to adopt the going concern basis in preparing the financial statements.

(m) Financial instruments

The Group only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of financing transactions that do not qualify as concessionary loans, which are subsequently measured at amortised cost using the effective interest method.

2 Income from donations and legacies

|Arts Council England - Cultural Recovery Fund
Harrogate Borough Council – Grants
Future 50 (including gift aid)
NYCC Councillor grants
Friends Subscriptions and Events
Other donations and legacies
Jonathan Wild and Elizabeth Barnes | Wild Foundations|2025
£
5,869
-
20,000
31,667
57,164
41,300
17,000
173,000|2024
£
2,131
49,000
20,000
5,000
88.851
95,981
-| |---|---|---| |||260,963|

Income from donations and legacies was £173,000 (2024: £260,963) of which £17,000 (2024: £95,000) was attributable to restricted, £25,869 (2024: £20,000) was attributable to unrestricted designated funds and £130,131 (2024: £145,963) was attributable to unrestricted funds.

20

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

3 Income from charitable activities

Ticket and programme sales
Income from commercial trading operation		 2025
£
446,199
485,141
931,340		 2024
£
431,039
491,552
922,591

Income from charitable activities was £931,340 (2024: £922,591) of which £2,497 (2024: £30) was attributable to unrestricted designated funds and £928,843 (2024: £922,561) was attributable to unrestricted funds.

4 Income from other trading activities

Income from commercial trading operation
Other trading		 2025
£
20,802
5,250
26,052		 2024
£
18,704
4,600
23,304

Income from other trading was £26,052 (2024: £23,304) of which £6,292 (2024: £13) was attributable to unrestricted designated funds and £19,760 (2024: £23,291) was attributable to unrestricted funds.

5 Income from investments

Interest – deposits
Interest - Future 50		 2025
£
8,041
22,102
30,143		 2025
£
9,031
9,775
18,806

Income from investments was £30,143 (2024: £18,806) of which £30,143 (2024: £9,031) was attributable to unrestricted funds and £nil (2024: £9,775) was attributable to unrestricted designated funds.

6 Analysis of expenditure on charitable activities

Direct costs
Support costs
Staff costs
Other support costs
Governance costs		 Festivals
and Events
Education
Total
2025
Total
2024
£
£
£
£
961,917
-
961,917
1,041,313
92,097
-
92,097
74,328
46,198
-
46,198
98,715
42,740
-
42,740
12,460
1,142,952
-
1,142,952
1,226,816

£17,000 (2024: £95,283) of the above costs were attributable to restricted funds. £1,091,777 (2024: £1,076,758) of the above costs were attributable to unrestricted funds £34,175 (2024: £54,775) of the above costs were attributable to unrestricted designated funds.

21

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

7 Trading subsidiary

Harrogate Festival Development Ltd (Company number 02593892) is a wholly owned subsidiary incorporated in England and Wales. Its principal activity is that of providing advertising services. Its profit is gift aided to the Charity.

Harrogate Festival Development Ltd

Summary Profit and Loss Account

Turnover
Cost of sales
Gross profit
Administrative expenses
Profit on ordinary activities before taxation
Tax on profit on ordinary activities
Profit for the year
Turnover is disclosed as:
Turnover as above
Less other trading income
Income from charitable activities
Resources expended disclosed as:
Cost of sales
Trading subsidiary costs
The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total net assets
Called up share capital
Profit and loss account
Shareholders’ funds		 2025
£
498,630
(110,800)
387,830
-
387,830
-
387,830
498,630
(13,546)
485,084
(110,800)
374,284
24,885
(24,883)
2
2
-
2		 2024
£
504,395
(110,551)
393,844
-
393,844
-
393,844
504,395
(12,843)
491,552
(110,551)
381,001
23,113
(23,111)
2
2
-
2

All of the profit for the years presented above were distributed to Harrogate International Festival Limited by means of Gift Aid.

22

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

8 Auditor’s remuneration

Auditor’s remuneration
2025 2024
£ £
Fees payable to the Charity’s auditor for the audit of the Charity’s annual 12,250 11,500
accounts

9 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2024: £Nil).

The total amount of employee benefits received by key management personnel is £198,511 (2024: £191,062).

During the year expenses were reimbursed to the trustees amounting to £Nil (2024: £172).

10 Staff costs and employee benefits

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

Charitable activities
Raising funds
he total staff costs and employee benefits were as follows:
Wages and salaries
Social security
Other staff related costs		 2025
Number
10
-
10
2025
£
339,253

20,266
25,586
385,105		 2024
Number
8
-
8
2024
£
308,535
25,219
12,584
346,338

The total staff costs and employee benefits were as follows:

One employee received total employee benefits (excluding employer pension costs) between £70,000 and £80,000.

11 Investments

Investments held by the Charity amounted to £2 being its investment in the subsidiary at cost.

23

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

12 Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 2025
2024
2025
2024
Group
Group
Charity
Charity
£
£
£
£
29,319
14,533
29,319
14,533
10,492
17,895
10,492
17,895
12,110
10,297
12,110
10,297
51,921
42,725
51,921
42,725

13 Creditors: amounts falling due within one year

Trade creditors
Amounts owed to subsidiary
Other tax and social security
Other creditors
Accruals and deferred income		 2025
2024
2025
2024
Group
Group
Charity
Charity
£
£
£
£
43,791
54,488
43,791
54,488
-
-
24,885
23,113
6,122
5,760
6,122
5,760
12,734
12,796
12,734
12,796
291,887
135,692
267,004
112,581
354,534
208,736
354,536
208,738

14 Operating leases

Total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than one year
Later than one and not later than five years		 2025
£
389
-
389		 2024
£
3,112
389
3,501
15
Deferred income
Amounts brought forward
Amounts released to income
Incoming resources deferred in the year
Deferred income at 31 October		 2025
2024
2025
2024
Group
Group
Charity
Charity
£
£
£
£
69,854
79,842
46,743
61,765
(69,854)
(79,842)
(46,743)
(61,765)
165,966
69,854
141,083
46,743
165,966
69,854
141,083
46,743

Deferred income relates to grants and ticket income received in advance.

24

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

16 Fund reconciliation

Unrestricted funds

Unrestricted
Designated - Future 50 and 60		 Brought
forward
Income
Expenditure
Transfer
Carried
forward
£
£
£
£
£
195,590
1,108,877
(1,118,741)
-
185,726
549,800
34,658
(41,498)
-
542,960
745,390
1,143,535
(1,160,239)
-
728,686

Restricted funds

Restricted- Wild Foundation Brought
forward
Income
Expenditure
Transfer
Carried
forward
£
£
£
£
£
(283)
17,000
(17,000)
-
(283)
(283)
17,000
(17,000)
-
(283)

Fund descriptions

a) Unrestricted funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

b) Designated funds

Harrogate International Festival Limited relies on the generous support of many funders, donors and sponsors. Each year Harrogate International Festival Limited has to raise over 98% of its income to deliver our year-round programme. As a charity with no core funding it is a priority that these funds are raised annually in order to continue our vibrant programme of work.

In our 50[th] year Harrogate International Festival Limited launched our Future 50 Appeal to address the ongoing challenge of managing ambition against resource, launching an Appeal to raise £1m and create a secure future for the charity. The Appeal is critical to Harrogate International Festival Limited being a sustainable, charitable organisation, with the ability to make full use of our artistic and cultural inheritance and create life changing opportunities in the arts. It will ensure that we continue to create access to the arts for the widest range of audiences and participants regardless of background and personal circumstance.

In 2026, the organisation will celebrate its 60th anniversary and has revitalised the Future 50 Appeal and rebranded into the HIF@60. This renewed campaign will celebrate six decades of festival activity while supporting new investment in programming, partnerships and participation that will help secure the organisation’s future impact.

In addition to the HIF@60 fund, the Trustees occasionally designate certain donations to fund the future costs of programmes.

c) Restricted funds

Funding was secured for long-term delivery under the banner of the Wild Foundations, working with a number of schools each year delivering creative literacy and music making programmes for young people. £100,000 was received this year, with £17,000 being utilised in the year. £83,000 is to be spent over the next 4 years to support young people.

25

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

17 Analysis of net assets between funds

Fixed assets
Current assets
Cash and current investments
Current liabilities
Total
econciliation of net income/(expenditure)
Group
Net income for the year
Interest receivable
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities
Charity
Net income for the year
Interest receivable
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 Group
Charity
Restricted
Unrestricted
Restricted
Unrestricted
£
£
£
£
-
-
-
2
-
51,921
-
51,921
83,000
931,016
83,000
931,016
(83,283)
(254,251)
(83,283)
(254,253)
(283)
728,686
(283)
728,686
to net cash flow from operating activities
2025
2024
£
£
(16,704)
(34,817)
(30,143)
(18,806)
(9,196)
28,574
145,798
(68,940)
89,755
(93,989)
2025
2024
£
£
(16,704)
(34,817)
(30,143)
(18,806)
(9,196)
28,574
144,028
(73,974)
87,985
(99,023)		 Charity
Restricted
Unrestricted
£
£
-
2
-
51,921
83,000
931,016
(83,283)
(254,253)		 Charity
Restricted
Unrestricted
£
£
-
2
-
51,921
83,000
931,016
(83,283)
(254,253)
(283) 728,686
2024
£
(34,817)
(18,806)
28,574
(68,940)
(93,989)
2024
£
(34,817)
(18,806)
28,574
(73,974)
(99,023)

18 Reconciliation of net income/(expenditure) to net cash flow from operating activities

19 Related party transactions

Sharon Canavar is a director of Harrogate BID Limited. During the year Harrogate International Festivals received income of £8,000 (2024 - £33,750) from Harrogate BID Limited and made purchases of £nil (2024 - £437) from Harrogate BID Limited.

Sharon Canavar is a director of Hubert Swainson Funeral Services Limited. During the year Harrogate International Festivals received a donation of £4,000 (2024 - £4,000) from Hubert Swainson.

26

Docusign Envelope ID: E67A2E2F-93D4-8A35-810A-D13A90C3C796

HARROGATE INTERNATIONAL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025

20 Financial instruments

The carrying amounts of the group’s financial instruments are as follows:

Financial assets
Debt instruments measured at amortised cost:
- Trade debtors (note 12)
Financial liabilities
Measured at amortised cost
- Trade creditors (note 13)
- Other creditors (note 13)
-Accruals (note 13)
The carrying amounts of the charity’s financial instruments are as follows:
Financial assets
Debt instruments measured at amortised cost:
- Trade debtors (note 12)
- Amounts owed from group undertakings (note 12)
Financial liabilities
Measured at amortised cost
- Trade creditors (note 13)
-Other creditors (note 13)
- Amounts owed to group undertakings (note 13)
-Accruals (note 13)		 2025
£
29,319
29,319
43,791
12,734
125,921
182,446
2025
£
29,319
-
29,319
43,791
12,734
24,883
125,923
207,331		 2024
£
14,533
14,533
54,488
12,796
65,838
133,122
2024
£
14,533
-
14,533
54,488
12,796
23,113
65,838
156,235

27